What you need to Know about Chapter 7
Chapter 7, commonly called “liquidation” or “straight bankruptcy,” is often sought by individuals and businesses with mounting debts and no way to repay them. In order to determine if this course is right for you, it is wise to contact a San Diego Chapter 7 bankruptcy attorney at Higgs Fletcher & Mack before undertaking such a process.
“Straight” bankruptcy is an extremely common situation handled by the bankruptcy attorneys at Higgs Fletcher & Mack. “Straight” bankruptcy allows an individual debtor to discharge (or wipe out) most debts and thereby receive a fresh start. If you are an individual debtor, “straight” bankruptcy allows you a way to discharge a great deal of past due financial obligations, though there are some you must honor, and you will gain the peace of mind that allows you a fresh start so that you can move on with your life and begin rebuilding your finances.
This discharge is only available to individuals and is not available to businesses. Nevertheless, “straight” bankruptcy provides a forum for a business debtor to liquidate its assets in an orderly and cost-efficient fashion.
Filing for Bankruptcy Stops Creditor Harassment!
When Higgs Fletcher & Mack files your bankruptcy petition, it causes the automatic stay to immediately go into effect. This stay prevents creditors from taking any further action to collect on most types of debt without a bankruptcy court order.
There are limited exceptions to the power of the automatic stay, as some actions such as the enforcement of a domestic support obligation, but for the most part any collection action such as lawsuits, eviction proceedings, foreclosures and harassing phone calls all stop once Higgs Fletcher & Mack files your case.
Dischargeable Debts when filing Chapter 7
Although filing for bankruptcy in San Diego can be the best solution for your situation, you should know what debts you can discharge. These debts include:
- Personal loans
- Credit cards
- Repossession deficiencies
- Auto accident claims
- Medical bills
- Business debts
- Negligence claims
- Some tax claims
There are a number of debts that cannot be discharged under “liquidation,” but in order to fully understand their nature and the ramifications of filing for protection, you need to contact a San Diego Chapter 7 bankruptcy lawyer at Higgs Fletcher & Mack.
Why you need a San Diego Chapter 7 Bankruptcy Lawyer
Bankruptcy can be an intimidating undertaking, even without the stress and pressures that accompany such a situation. Keeping track of paperwork deadlines, ensuring documentation is on time and on schedule, and meeting with the Chapter 7 Trustee can be overwhelming.
If you fail to meet any of the procedural requirements, you risk having your case dismissed with consequences that could endanger your ability to re-file your case and discharge your debts. Fortunately, your Chapter 7 bankruptcy lawyer at Higgs Fletcher & Mack takes on stress of preparing paperwork, coordinating hearing schedules, and meeting with Trustees and creditors, so you don’t have to stress about if your case is progressing on time and on schedule.
Time is not on your side if you are thinking about Filing Bankruptcy!
Time is of the essence in many cases, and the longer you delay in talking to a Chapter 7 bankruptcy attorney the more complicated your case may become. Bankruptcy is not designed to ruin you financially, but to provide an opportunity for a financial fresh start. If you start the process early, you significantly increase the likelihood that you will comply with all procedural requirements, claim all property exemptions to which you are entitled and emerge from the process ready to re-build your credit and take on new financial obligations with a clean slate.
A San Diego Chapter 7 Bankruptcy Attorney at Higgs Fletcher & Mack can help
Each San Diego Chapter 7 bankruptcy attorney at Higgs Fletcher & Mack understands your situation, and has a number of ways to help you to make this time of your life as seamless as possible. For over 70 years, we’ve helped people from all walks of life from all over San Diego through difficult times, and are ready and able to help you as well.
Considering Bankruptcy? Consult with an Experienced Bankruptcy Attorney Today.
If you are considering Chapter 7 bankruptcy in San Diego, you need to contact Higgs Fletcher & Mack without delay. Let us be your voice now. Contact us today.